Golden Goliath fka GNG

[Ed Monton]

5/15/2003 9:00:00 AM News Release Index


$1,000,000 Private Placement

The Company is pleased to announce that it has retained Canaccord Capital Corporation as agent for a private placement of up to 5,500,000 Units at $0.18 per Unit to raise gross proceeds of $990,000. Each Unit consists of one share plus one share purchase warrant, exercisable for a term of 12 months following closing, at a price of $0.25. Canaccord Capital will be paid an 8% cash commission, an administration fee, and will receive agent's warrants equal to 20% of the Units placed having the same terms as the warrants forming part of the Units.

The proceeds are intended for drilling of the Company's Las Bolas property, located in the central portion of the Uruachic camp in northwestern Mexico. Las Bolas has extensive underground workings with a history of production and has never been drilled. Surface and underground mapping as well as an Induced Polarization geophysical survey were completed on the property in May of 2000 under the direct supervision of A. Boronowski P.Geo. As part of that program, tunnels that had been closed for over 100 years were reopened. A total of 222 rock chip samples were collected, averaging 0.40 gpt (grams per tonne) gold and 165 gpt silver (2.68 gm/tonne or 0.08 oz/ton total gold equivalent). Of these, 66 samples collected along 266 metres of accessible underground workings averaged 0.49 gpt gold and 439.23 gpt silver (6.57 gm/tonne or 0.19 oz/ton total gold equivalent). The seven underground workings mapped and sampled by Boronowski included the old Gambusino mine, which is believed to be in part the upper extension of the Las Bolas mine. The 107 samples collected along the 420 metres of accessible workings assayed 0.38 gpt gold and 320.69 gpt silver (4.82 gm/tonne or 0.14 oz/ton total gold equivalent). A total of 29 old pits and adits were identified by Boronowski, who concluded that, 'the Las Bolas-Los Hilos property has excellent potential for hosting a high sulphidation silver-gold epithermal deposit and warrants a major drill program to determine the grade and extent of known mineralized workings throughout the property'.


CONTACT: TEL: [phone] J. Paul Sorbara, President

WEBSITE: www.goldengoliath.com